In an unexpected turn of events, the share market on Tuesday fell sharply mirroring investors' sentiment over the Lok Sabha elections result trends. Both the benchmark indices Sensex and Nifty logged in their worst session in over 4 years.
Both sensex and nifty closed at over 5% lower. Nifty closed 1,379 points lower at 21,884, while Sensex closed a whopping 4,389 points lower at 72,079. Intraday the sensex went down as much as 8.15% and the Nifty fell 8.52%.
During the session, the Nifty 50 companies' market capitalisation loss widened to Rs 10 lakh crore, while the Nifty recorded its biggest intraday decline in over four years.
The shares of Reliance Industries, HDFC Bank, ICICI Bank, Larsen & Toubro, State Bank Of India dragged down the market while Hindustan Unilever, Nestle India, Hero MotoCorp, Britannia Industries Ltd, Tata Consultancy Services Ltd cushioned the fall.
Nifty PSU Bank saw the highest decline of 15% during the session as all Nifty sectors with the exception of Nifty FMCG fell.
The broader markets underperformed the benchmarks with S&P BSE Midcap settling 8.07% lower and the S&P BSE smallcap closed 6.79% lower. On the BSE, 19 sectors out of 20 closed lower with BSE utilities the worst performing sector and FMCG emerging as the only gainer.
Around 3,337 stocks declined, 500 advanced, and 97 remained unchanged on the BSE.
Also watch: Lok Sabha poll results: Extremely volatile start for stock markets; indices give up Monday's gain